DeFi 是 Decentralized Finance（去中心化金融）的简称，是一种不由任何人控制，基于公链提供的点对点的金融服务。DeFi系统通过智能合约和去中心化协议，使用户能够进行去中心化的交易、借贷、投资、支付和其他金融活动，而无需传统金融中介机构的参与。
DeFi is Decentralized Finance（ decentralized finance & #xff09; short title xff0c; a point-to-point financial service that is not controlled by anyone & #xff0c; is provided on a public chain basis. DeFi operates through smart contracts and decentralized agreements xff0c; enables users to conduct decentralized transactions, loans, investments, payments and other financial activities xff0c; and does not require the involvement of traditional financial intermediaries.
DeFi 与传统金融提供的大多数服务相同，两者最主要的差别在于：
DeFi is the same as most services provided by traditional finance xff0c; the main difference between the two is xff1a;
中心化 vs. 去中心化
centralizes vs.
- 传统金融：传统金融体系通常由中央机构，如银行、证券交易所和中央银行，主导和管理。这些机构在金融体系的各个层面发挥关键作用。
- DeFi：DeFi是建立在区块链技术上的去中心化金融系统。它的特点是无需信任第三方，而是通过智能合约和去中心化的协议进行交易和借贷。
开放性和全球性
Open and global
- 传统金融：传统金融市场通常是受到国家法规和限制的，且参与门槛相对较高。交易通常需要通过金融机构进行，跨国交易可能涉及复杂的流程。
- DeFi：DeFi是开放的全球性金融系统，任何人只需连接到区块链网络，即可参与其中。这为全球用户提供了更加无障碍的金融服务和产品。
访问和参与门槛
- 传统金融：传统金融体系中，由于需要通过银行账户、信用评级等流程，参与门槛较高，一些人可能难以获得金融服务。
- DeFi：DeFi系统通常对参与者的门槛较低，只需拥有数字钱包和加密资产即可。这有助于提升金融包容性，让更多人能够参与金融活动。
中间人的角色
透明度和可追溯性 Transparency and Retroactivity 创新性和灵活性 需要注意的是，尽管DeFi带来了一些创新和优势，但也面临一些挑战，例如智能合约的安全性、法规不确定性以及市场的波动性。同时，传统金融和DeFi并非互相排斥，而是可以相互补充和共存。 What needs to be noted is xff0c; while DeFi brings some innovations and advantages xff0c; it also faces challenges xff0c; e.g. security of smart contracts, regulatory uncertainty, and market volatility. At the same time xff0c; traditional finance and DeFi are not mutually exclusive xff0c; they can complement and coexist. 数字资产交易平台分为两种，中心化的交易平台（ CEX ）和去中心化交易平台（ DEX ）。中心化的交易平台（ CEX ）与传统证券交易市场的运作方式类似。而去中心化的交易所（ DEX ）是一个点对点（ P2P ）的市场，交易直接发生在加密货币交易者之间。 Digital asset trading platforms are divided into two types: xff0c; xff08; xff09; and xff08; xff09; xff09; xff09; xff08; xff09; similar to the way traditional securities trading markets operate. The decentralized exchange xff08; xff09; a point-to-point ff08; P2P & #xff09; market xff0c; and transactions directly between encrypted currency traders. DEX 实现了加密货币的核心可能性之一：达成金融交易，但不由银行、经纪人、支付处理器或任何中心化机构负责也无需他们的信任。 DEX achieved one of the core possibilities of encrypting currency & #xff1a; entered into financial transactions & #xff0c; but it was not the responsibility of banks, brokers, payment processors or any centralised agency and did not require their trust. DEX 的优势 The advantage of DEX 可交易币种的多样性。截至 2022 年 7 月，市场上有超过 20268 种加密货币。但 CEX 通常只提供那些有足够的交易量的主流加密货币，以确保盈利能力和法律合规。因此许多新兴加密货币只能通过 DEX 访问，在那里可以进行 P2P 交易，而无需高交易量。这为新发行加密货币的组织提供了更多机会，也为加密行业的发展注入了更大的活力。 has a variety of tradable currencies. up to July 2022 & #xff0c; there are more than 20268 encrypted currencies on the market. But CEX usually provides only those mainstream encrypted currencies with sufficient volume of transactions xff0c; ensures profitability and legal compliance. So many new encrypted currencies can only access xff0c through DEX; there can be P2P transactions xff0c; there is no need for high volumes. This provides more opportunities for new organizations that issue encrypted money xff0c; it also injects more dynamism into the development of the encryption industry. 无信任的安全交易。在 CEX 中，每笔交易都由交易所监督和记录。而 DEX 通过智能合约执行交易并将其记录在区块链上，实现了无信任的交易。而且，由于 DEX 并不会持有你的资金，因此它们不太可能成为黑客的目标。DEX 是非托管的，这意味着交易者不需要放弃对私钥的控制来进行交易。相反，是外部持有的钱包与 DEX 互动，交易通过智能合约自行执行。相比之下，CEX 通过控制你的私钥，扮演着你的资金保管人的角色。这需要你放弃对私钥的控制，由 CEX 来提供安全性，而这恰恰给了黑客可乘之机。 手续费便宜。去中心化的交易所通过自动执行的智能合约发挥作用。在没有中间人的情况下，DEX 使用与以太坊相同的 Gas 费用结构。DEX 收取的费用很低，Uniswap 大约为 0.3%。虽然这些费用随着网络利用率的变化而波动，但仍然远远低于 CEX 所产生的成本。 process costs are cheap. decentralised exchanges function through automated smart contracts. xff0c; DEX uses the same Gas cost structure as Etheria in the absence of an intermediary. DEX charges are low xff0c; Uniswap is about 0.3%. Although these costs fluctuate as network usage changes xff0c; they are still far below the costs incurred by CEX. 隐私保护。使用去中心化交易所的交易者不需要披露他们的私钥，因为钱包是由外部保管的，而且 DEX 不对资金负责。出于同样的原因，用户在使用 DEX 时通常不需要完成 KYC 和反洗钱程序。虽然这在便利性方面可能是有利的，但从法律角度来看，这可能是有问题的。 Privacy protection. traders using decentralised exchanges do not need to disclose their private keys xff0c; because wallets are held externally xff0c; and DEX is not responsible for money. xff0c; users do not usually need to complete KYC and anti-money laundering procedures when using DEX for the same reasons. This may be convenient xff0c; from a legal point of view xff0c; this may be problematic. PS. KYC 是 Know your customer 的缩写，意思是“了解你的客户”，是监管对于金融机构的要求与进行反洗钱调查的关键步骤，一般指通过身份证、护照等进行的实名认证。 PS. KYC is Know your initial & #xff0c; means “know your customer” & #xff0c; is a key step in regulating the requirements of financial institutions and conducting anti-money laundering investigations & #xff0c; generally refers to authenticated names through identity cards, passports, etc. DEX 的劣势 DEX's Disadvantage
可扩展性。区块链的可扩展性取决于一个网络在达到容量之前可以处理的交易数量。例如，比特币网络每秒处理 4.6 笔交易（TPS，Transaction Per Second，每秒交易数量），而以太坊网络达到 15 TPS。去中心化的交易所使用生活在区块链网络上的智能合约运作。因此，DEX 受到其基础网络基础设施的限制。 extensions. blocks chain expansion depends on the number of transactions that a network can handle before it reaches capacity. For example, xff0c; Bitcoin network handles 4.6 transactions per second xff08; TPS， Transport Per Second， number of transactions per second xff09; xff0c; and the use of 15 TPS by the Tethan network. Decentralized exchange uses smart contracts that live on the block chain network. xff0c; DEX is therefore restricted by its basic network infrastructure. 流动性。由于 DEX 相对较新，支持不同的交易对，市场隔离对市场流动性有负面影响。不过，资产的流动性已经随着 DeFi 的发展而明显增加。 Mobility. has a negative impact on market liquidity because DEX is relatively new xff0c; supporting different transactions xff0c; market segregation. xff0c; however, liquidity of assets has increased significantly with DeFi. 不支持法币。目前的 DEX 技术不便于用美元等法定货币购买数字资产，也不能交易法定货币或向银行账户提款。虽然稳定币技术正在兴起，以复制法币在 DeFi 生态系统中的作用，但缺乏法币的上行和下行通道，对新手用户来说是一个障碍。 does not support French currency. 's current DEX technology does not allow for the purchase of digital assets xff0c in statutory currencies such as United States dollars; it does not allow trade in legal currencies or withdrawals from bank accounts. Although stabilization technology is emerging xff0c; the role of French currency in the DeFi ecosystem xff0c; but there is a lack of up-and-down access to French currency xff0c; it is an obstacle for new users. 相比 CEX，DEX 旨在提供较低的交易费用，让用户直接持有自己的资产，并避免一些监管负担。据毕马威在 2021 年末抽样调查的 10 万美元的交易结果显示，头部的 DEX Uniswap 只收取 0.05% 的交易费，而头部 CEX 如 Binance, Coinbase 和 Kraken 分别收取 0.1%、0.2% 和 0.2% 的交易费。 Compared to CEX， DEX aims to provide a lower transaction cost & #xff0c; allow users to hold their assets directly & #xff0c; and avoid some regulatory burden. According to a sample of $100,000 from KPMG at the end of 2021, the results of transactions were xff0c; DEX Uniswap at the head charged only 0.05 per cent of the transaction fee xff0c; and head CEX, such as Binance, Coinbase and Kraken, charged 0.1 per cent, 0.2 per cent and 0.2 per cent, respectively. DEX 面临着补偿流动性的成本和 "无常损失 "的特殊风险（我们将在下文中详细介绍无常损失），而 CEX 的流动性历来是由一小撮拥有许可权限和专门工具的专业交易公司提供，这使得流动性集中在少数人手中，他们可以在波动期间撤回他们的资产，并在用户最需要的时候限制某项资产的交易，这就使得 CEX 相比 DEX 流动性更强，也无需面临无常损失。 DEX faces the cost of & #34; Unusual Loss & #34; Special Risk & #xff08; Unusual Loss & xff09; xff0c; CEX's mobility has traditionally been provided by a small group of professional trading firms with licensing rights and specialized tools xff0c; this has concentrated liquidity in the hands of a few xff0c; they can withdraw their assets during fluctuations xff0c; and they limit transactions of an asset xff0c when users need it most; this makes CEX more mobile than DEX xff0c; and there is no need to face unusual loss. CEX 还会提供更强的监管保证，通常这对机构客户来说非常重要。 CEX also provides stronger regulatory guarantees xff0c; this is usually important for institutional clients. 什么是 AMM？ What's an AMM #xff1f; 去中心化数字资产交易的形式有两种：订单簿做市（ Order books ）与自动做市（ Automated Market Maker，AMM ）。订单簿做市与传统金融的业务方法一致，买卖双方各自报价，组成订单簿。订单簿实时更新，并且按照价格优先、时间优先的原则互相匹配。订单簿的流动性来自买卖双方，当且仅当买方的需求和卖方的供给相匹配时，交易才能执行，也就是说一定要有对手方。典型协议如 dYdX。自动做市的方法是把流动性的供给打包，并且以规则制定的价格进行交易，不依赖于对手方的存在，就可以提供流动性。 Two forms of transaction to centralize digital assets are xff1a; order book is market xff08; Order books & #xff09; xff08 with automatic market & xff08; Automated Market Maker & #xff0c; AMM & #xff09; xff0c with traditional financial business methods xff0c with the purchase and sale parties xff0c with their respective offers xff0c; order book is updated in real time xff0c with the principle of price priority xff0c; order book liquidity is made between buyers and sellers xff0c only when the buyer’s needs match the seller’s supply xff0c; transactions can be executed without relying on the counterparty’s presence #xff0c; this means that there must be a counterparty. 自动化做市商是一种去中心化交易平台协议，通过数学公式对资产进行定价。资产定价通过定价算法完成，不再使用传统交易平台常用的订单簿。 Automation is a decentralised trading platform agreement & #xff0c; assets are priced using mathematical formulas. Asset pricing is done through pricing algorithms & #xff0c; purchase orders that are commonly used in traditional trading platforms are no longer used. 定价公式随不同协议而变化。例如，Uniswap 使用的公式为 x*y= k ，其中 x 代表流动性资金池中一种代币的数量， y 则表示另一种代币的数量。在此公式中， k 是一个固定常数，表明池中的流动性总量必须保持不变。其他 AMM 则根据特定目标用例使用其他公式。然而，无论采用何种公式，定价均通过算法来完成。 The pricing formula varies depending on the agreement. For example, & #xff0c; Uniswap uses a formula of x*y= k & #xff0c; where x represents the number of a token in a liquid pool & #xff0c; y represents the number of another token. In this formula & #xff0c; k is a fixed constant & #xff0c; indicates that the total amount of liquidity in the pool must remain unchanged. Other AMM uses other formulas according to specific objectives. xff0c; whatever formula is used xff0c; pricing is done by algorithm. 什么是流动性池？ what's a liquid pool #xff1f; 可以将流动性池视为一大笔资金，流动性供应商 ( LP ) 是这笔资金的供应者。交易者在 Uniswap 上交易本质上就是在与这些资金进行交易。 The liquid pool can be considered a large amount of money xff0c; the liquid supplier (LP) is the supplier of the money. 流动性供应商会从流动性池开展的交易中赚取费用作为提供流动性的回报。以 Uniswap 为例，流动性供应商需要向流动性池中存入两种等值代币，例如向 ETH/DAI 资金池中存入 50% 的 ETH 和 50% 的 DAI 。 Liquid suppliers will earn the cost of providing liquidity in return for transactions carried out by the liquidity pool. Take Uniswap as an example & #xff0c; liquid suppliers will need to deposit two equivalents of xff0c in the liquidity pool; for example, 50% ETH and 50% DAI in the ETH/DAI pool. 这么说来，所有人都可以成为做市商吗？确实如此！向流动性资金池中注入资金非常简单，奖励是由协议决定的。例如，Uniswap v2 向交易者收取 0.3% 的手续费并将其直接发放给流动性供应商。其他平台或分叉也会采取各种优惠措施，吸引更多流动性供应商。 So xff0c; can everyone be a marketer xff1f; indeed xff01; injection of funds into a liquid pool is very simple xff0c; incentives are determined by agreement. For example, xff0c; Uniswap v2 charge traders 0.3% of the fees and issue them directly to liquid suppliers. Other platforms or forks also take various preferential measures xff0c; and attract more liquid suppliers. 吸引流动性为何至关重要？ Why it's important to attract liquidity xff1f; 基于 AMM 的运作机制，资金池的流动性越大，大额订单产生的滑动价差就越小。这会反过来为平台吸引更高的成交量，以及其他诸多优势。 AMM-based operating mechanisms & #xff0c; the greater the liquidity of the pool & #xff0c; and the smaller the sliding price differentials generated by large orders. This, in turn, attracts the platform to a higher turnover & #xff0c; and many other advantages. 滑动价差问题因 AMM 的设计差异而有所不同，但决不容忽视。别忘了，定价是由算法决定的。简单来说，定价是由交易完成后，流动性池中资产比率的变化幅度决定的。倘若变化幅度较大，则会出现大额滑动价差。 The issue of sliding price differentials varies according to the AMM design xff0c; but it must not be overlooked. Don't forget that xff0c; pricing is determined by algorithms. Simply put, xff0c; pricing is determined by the range of changes in asset ratios in the liquidity pool after the transaction has been completed. 进一步讲，假设你想要在 Uniswap 上购买 ETH/DAI 池中所有的 ETH 。可以吗？答案是否定的！你每额外买入一枚以太币，都需要支付呈指数级增长的溢价，而且即便真的支付了，也无法买下池中的所有以太币。因为根据 x*y = k 这个公式，如果 x 或 y 变为 0，这个公式便没有任何意义。 xff0c further; assume that you want to purchase all the ETH/DAI pools on Uniswap. xff1f; answer is negative xff01; you need to pay an indexed premium xff0c for every additional purchase xff0c; and you cannot buy all the ETHs in the pool even if xff0c is actually paid. This formula is based on x*y & #61; k xff0c; if x or y becomes 0xff0c; this formula has no meaning. 什么是无常损失？ what's anomalous lossxff1f; 当所存代币的价格比率与存入资金池时相比发生变化时，就会产生无常损失。变化越大，无常损失就越大。因此，AMM 最适合价值相似的代币对，例如稳定币或包裹代币。如果代币对之间的价格比率保持在相对较小的范围内，无常损失可以忽略不计。 xff0c; there is an irregular loss when the price ratio of the currency held changes in relation to that deposited in the pool. The greater the change xff0c; the greater the loss is. xff0c; AMM is the most suitable for a currency of similar value for xff0c; e.g. stable currency or packaged currency. If the price ratio between the currencies remains relatively small xff0c; an irregular loss can be ignored. 相反，如果比率变化幅度较大，建议流动性供应商持有代币，而非向流动性池中存入资金。 Conversely xff0c; if the ratio changes significantly xff0c; if liquid suppliers are advised to hold xff0c; instead of depositing funds into the liquidity pool. 话虽如此，用“无常损失”来概括此种现象并不贴切。“无常”是假设如果资产恢复到初始存入价格，损失就会降低。然而，如果按与存入之时不同的价格比率提取资金，无常损失将转变为永久性损失。 That said, xff0c; it is not relevant to summarize this phenomenon by “unusual loss”. “Unusual” is the assumption that the loss will be reduced if the asset is restored to the initial deposit price xff0c. However, xff0c; if the funds are withdrawn at a rate different from the price at the time of deposit xff0c; and if the irregular loss will be converted into a permanent loss. DeFi 的概念诞生于 2017 年左右，从那时起，DeFi 吸引着越来越多的投资者的关注。至 2021 年，据《福布斯》报道，DeFi 的市值为 748 亿美元，表明该行业正在获得强劲的发展势头。根据马克·库班的说法，DeFi 行业有望在未来十年内实现爆炸性增长。 The DeFi concept was born around 2017 xff0c; since then xff0c; xff0c; xff0c; xff0c; xff0c, according to Forbes; DeFi, with a market value of $74.8 billion xff0c; shows that the industry is gaining strong momentum. According to Mark Kuban xff0c; DeFi is expected to grow explosively in the next decade. DeFi 对传统金融工具的潜在挑战的标志是以太坊区块链中惊人的交易量——11.6 万亿美元，早在 2021 年这个数字就已经超过了目前全球第二大支付机构 Visa 。DeFi 投资者认为，目前的统计数据显示，DeFi 仍有许多未开发的机会，因为 2.21 亿加密货币用户中只有 5% 在积极使用其服务。 DeFi’s potential challenge to traditional financial instruments is marked by an alarming volume of transactions in the Taiwan block chain – $11.6 trillion xff0c; this number has surpassed the current world’s second largest paying agency, Visa, as early as 2021. DeFi investors believe xff0c; current statistics show that xff0c; DeFi still has many untapped opportunities xff0c; because only 5% of the 221 million encrypted currency users are actively using their services. 尽管围绕 DeFi 发展的对话很乐观，但智能合约区块链生态系统仍处于起步阶段。有人担心，DeFi 基于匿名的交易将鼓励洗钱和其他犯罪行为。金融监管机构在解决 DeFi 使用中可能出现的潜在问题方面落后了几步。 Despite the optimistic dialogue surrounding DeFi’s development & #xff0c; the smart contract block chain ecosystem is still in its infancy. There are fears that & #xff0c; and DeFi’s anonymous transactions will encourage money-laundering and other criminal behaviour. 此外加密货币的波动性意味着在参与 DeFi 市场的收益率生成计划时，存在固有的资本损失风险。投资者必须充分了解加密货币市场的风险，因为每个 DeFi 应用都以独特的商业模式运作。由于非标准化的法规，报税可能变得复杂。 In addition, the volatility of encrypted currencies means that there is an inherent risk of capital loss when participating in the DeFi rate-of-return generation scheme; investors must be fully aware of the risks of the encrypt currency market & #xff0c; since each DeFi application operates in a unique business model. As a result of non-standardized regulations & #xff0c; tax reporting may become complicated.
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论